NBJF(603997) 东吴证券·2024-11-02 04:00Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was in line with expectations, but short-term profits were dragged down by asset impairment and other one-time items [2][3] - The company's revenue in Q3 2024 reached 5.9 billion yuan, a 3.15% increase quarter-over-quarter, primarily driven by the rapid growth of the passenger car seat business [3] - The company's gross margin in Q3 2024 was 14.08%, down 1.02 percentage points year-over-year and 0.29 percentage points quarter-over-quarter [3] - The company's net profit attributable to shareholders in Q3 2024 was -585 million yuan, turning from profit to loss quarter-over-quarter, mainly due to increased expense ratios and impairment losses [3] - The company's Grammer business integration is progressing steadily, and the passenger car seat business is opening up growth opportunities [4] - The company has secured multiple new energy vehicle seat projects and achieved mass production of passenger car seats in the first half of 2023 [4] Financial Forecasts and Valuation - The company's revenue is expected to grow from 21.57 billion yuan in 2023 to 32.59 billion yuan in 2026, with a compound annual growth rate (CAGR) of 15.98% [1] - The company's net profit attributable to shareholders is forecasted to be -401.41 million yuan in 2024, 809.77 million yuan in 2025, and 1.22 billion yuan in 2026 [1] - The company's EPS is expected to be -0.32 yuan in 2024, 0.64 yuan in 2025, and 0.96 yuan in 2026 [1] - The company's P/E ratio is projected to be 20.48x in 2025 and 13.58x in 2026 [1] Business Development - The company is actively expanding its passenger car seat business, leveraging its advantages in cost control and service responsiveness compared to foreign seat manufacturers [4] - The company's Grammer integration efforts, including management and organizational adjustments, cost reduction measures, and capacity layout optimization, are expected to enhance Grammer's profitability [4] Market Data - The company's closing price was 13.10 yuan, with a one-year low/high of 9.41/15.25 yuan [7] - The company's P/B ratio is 3.48x, and its market capitalization is 16.59 billion yuan [7] Financial Data - The company's total assets are expected to grow from 17.95 billion yuan in 2023 to 22.23 billion yuan in 2026 [11] - The company's debt-to-asset ratio is forecasted to decrease from 75.18% in 2023 to 65.80% in 2026 [12] - The company's ROE is expected to improve from -7.73% in 2024 to 16.73% in 2026 [12]